Shares in London's main indices are down in morning trading as the collapse of the proposed merger between Sainsbury and Asda dominates the headlines. Click here for The Trader Nicole Elliott's latest thoughts on the markets.
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Barclays (BARC) trumpeted its first quarter performance as “resilient”. Though down year-on-year, a 9.6 per cent return on tangible equity was above the minimum target for 2019, and pre-tax profit came in at £1.5bn. But an 11 per cent drop in income in the investment banking division, and another decent showing from the high street and credit card businesses, only strengthens the argument of activist investor Edward Bramson that the bank would be better off simplified. Buy.